Factor Group Setup

Factor groups can be extremely helpful when dealing with multiple day rentals. If a client is looking to book an item from your inventory for an extended period of time, and you do not wish to charge them the standard rental fee per day, you can activate the “factor group” and it will automatically do the math for you. Factor groups can be tied directly to individual products. To edit your Factor Group settings, go to: Products > Factor Group.

2) Factor Group Database – There is no limit to the number of factor groups you create for your business model. In this column you will find all of the previously created factor groups in your RentalTrax system. You can click on the factor group name to edit the factor group.

3) + New Factor Group Button – Click this button to launch the new factor group creation page.

Edit Factor Group

1) Edit Factor Group Title

2) Name Field – Create a unique name for your factor group to distinguish the chart from your other factor groups.

3) Factor Table

4) Days – When creating your factor table, you must decide what multiplications the system is going to do. The days is based on the length of the rental. For example; if the rental period is 3 days long, the system will calculate the factor based on the number in the field beside the 3 days row.

5) Active Check Box – Use the check box to make the factor day “active”. If the check box is left un marked, you will not be allowed to use that calculation within your system when applying factor groups.

6) Entry Field – Enter the number you wish the product rental price to be multiplied by for that rental period.

For example:

Product “X” costs $10 per day.

Product “X” is rented for 5 days

Standard cost would be $50. (5 X $10)

If you use Factor Groups, set at 5 days = 3.0

Product “X” costs $10 per day.

Product “X” is rented for 5 days

Factored cost would be $30. (3 X $10)

7) Save Button – Save your work often to avoid lost information and wasted time.

Factor Master Screen – (Products > Factor Groups > Factor Master)

The Factor Master Screen is the master control for your systems factor group. It is edited the same way as the previously created groups.